NEW STANDARDS AVAILABLE FOR PRIVATE COMPANIES: AT LAST A LITTLE GAAP?

For decades both U.S. practitioners and academicians have recognized a need for a simpler set of financial reporting standards, i.e. a "Little GAAP". To date, regulators have not been willing to provide a second set of standards. Now, for the first time, there may be answer for small firms...

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Bibliographic Details
Published in:Academy of Entrepreneurship journal 2010-01, Vol.16 (1), p.55
Main Authors: Christie, Nancy L, Brozovsky, John
Format: Article
Language:English
Subjects:
Accountability
Closely held corporations
Committees
Entrepreneurship
Exposure drafts
Financial statements
GAAP
International accounting standards
International Financial Reporting Standards
International organizations
Polls & surveys
Public companies
Questionnaires
Reporting requirements
Small & medium sized enterprises-SME
Studies
Substance over form
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Summary:For decades both U.S. practitioners and academicians have recognized a need for a simpler set of financial reporting standards, i.e. a "Little GAAP". To date, regulators have not been willing to provide a second set of standards. Now, for the first time, there may be answer for small firms desiring relief from the onerous reporting requirements of "Big GAAP ". The AICPA now recognizes the International Accounting Standards Board's recent release, International Reporting Standards for Small and Medium Enterprises (IFRS for SMEs), as official audit standards. This paper will present a discussion of the development for IFRS for SMEs and several illustrations of financial statements prepared according to the new standards. The paper also includes comparisons of the FULL IFRS standards and IFRS for SMEs. [PUBLICATION ABSTRACT]
ISSN:1087-9595
1528-2686